Italian Prime Minister Enrico Letta is reportedly planning to offer a partial amnesty to tax evaders who are hiding assets outside the country.
Quoting unidentified source, Reuters reported that the legislation may not go as far as previous amnesties.
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However, it would entail the state dropping most criminal charges if tax dodgers voluntarily declare their hidden assets and pay back the taxes owed plus a small fine, the report added.
However, the tax dodgers will still be accountable for prosecution for more serious financial offences.
The amnesty is expected to be effective until 2015.
Last year, the finance police have identified more than 8,000 Italian businesses that declared no income thereby hiding an estimated 16 billion in taxable revenue.
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By GlobalDataAdditionally, the police have also identified more than 15 billion in revenue and assets hidden outside the country in 2013.
